Explore BrainMass

Explore BrainMass

    AMT and Wolfgang's Itemized Deductions

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Wolfgang's AGI is $140,000. He has the following itemized deductions for 2007:

    Medical expenses [$12,000 - (7.5% x $140,000)] $1,500
    State income taxes $4,200
    Charitable contributions $5,000
    Home mortgage interest on his personal residence $6,500
    Casualty loss (after $100 and 10% reductions) $1,800
    Miscellaneous itemized deductions
    [$3,500-2%($140,000)] 700
    _________
    $19,700

    a) Calculate Wolfgang's itemized deductions for AMT purposes
    b) What is the amount of the AMT adjustment.

    © BrainMass Inc. brainmass.com June 3, 2020, 9:28 pm ad1c9bdddf
    https://brainmass.com/business/accounting/183557

    Solution Preview

    Please see the attached file.

    a) Calculate Wolfgang's itemized deductions for AMT purposes
    Medical expenses [$12,000 - (7.5% x $140,000)] $1,500
    Charitable ...

    Solution Summary

    This solution of 134 words shows step-by-step calculations of Wolfgang's itemized deductions for AMT purpose and the amount of the AMT adjustment. All formulas are shown with workings.

    $2.19

    ADVERTISEMENT